Really interesting at the low end of the market, page-46

Hi Eshmun,

Not wanting to put words into Seth's mouth, but I think he is referring to what NST are doing with Jundee and the newly discovered Ramone deposit.

They are mill constrained at Jundee and Bronzewing represents a quick and cheap production upgrade. Truck high grade ore to Bronzewing and in conjunction develop/ blend the known reserves that EAR has an you have increased your R&R and annual production profile on the cheap.

The newly discovered Ramone prospect, and the recent EAR announcement of the discovery of a fluid corridor that runs from Jundee to Ramone, Julius and into EAR's tenement provides lots of juicy exploration upside in a region that hosts multiple excellent deposits.

Gwaihir - NST will make an offer at some point IMO. The offer will have a premium attached, even if it is script.

Thus, if in the interim the two SP's move relative to each other and if you're willing to take onboard the TO risk (of it not happening), buying EAR will turn out to be comparable to buying NST at a c. 30% discount (assuming that is the rough premium offered).

If NST offer cash, it will still have a premium attached, and if you so wish you can then go and buy NST shares with the proceeds.

Just my 2c.

Cheers
john